Share this:

FILE – In this July 16, 2019, file photo signage for Barneys New York department store is displayed on the store’s window in New York. Barneys New York, which once reigned in the world of high fashion, is now being sold piece by piece. The retailer, founded in 1923, was officially sold on Friday, Nov. 1, 2019 to fashion licensing company Authentic Brands and financial firm B. Riley for $271.4 million. (AP Photo/Bebeto Matthews, File)

Stocks powered to records Friday after an encouraging jobs report gave reassurance that the economy is still solid, despite the pain U.S. factories are feeling from President Donald Trump’s trade war.

The S&P 500 rose 29.35 points, or 1%, to 3,066.91 and set an all-time high for the third time this week. It capped a fourth straight week of gains, the longest winning streak for the index since the start of March.

The Nasdaq composite gained 94.04, or 1.1%, to 8,386.40 and clinched a record for the first time since July. The Dow Jones Industrial Average gained 301.13, or 1.1%, to 27,347.36. It’s within 12 points of the record it set in July.

Treasury yields climbed as optimism rose and traders pared back bets that the Fed will cut interest rates again in the next few months. The yield on the 10-year Treasury climbed to 1.71% from 1.69% late Thursday. The two-year yield, which moves more on expectations of Fed actions, rose to 1.56% from 1.55%.

A stronger-than-expected profit report from Exxon Mobil helped drive energy stocks to the biggest gain of the 11 sectors that make up the S&P 500. Exxon Mobil climbed 3%, and energy stocks overall rose 2.5%.

Benchmark crude oil rose $2.02 to settle at $56.20 a barrel. Brent crude oil, the international standard, rose $2.07 to $61.69 a barrel.

Google buys Fitbit for $2.1 billion

Google, the company that helped make it fun to just sit around surfing the web, is jumping into the fitness-tracker business with both feet, buying Fitbit for about $2.1 billion.

The deal could put Google in direct competition with Apple and Samsung in the highly competitive market for smartwatches and other wearable electronics. But it also raises questions about privacy and Google’s dominance in the tech industry.

The company’s announcement Friday came with a promise that it won’t sell ads using the intimate health data that Fitbit devices collect.

Fitbit is a pioneer in wearable fitness technology, making a range of devices that have become pop-culture accessories, from basic trackers that count how many steps you take each day to smartwatches that display messages and notifications from phones.

They can track activities such as running, cycling and swimming and record heart rates and sleep patterns. Fitbit typically asks for date of birth, gender, height and weight to help with such things as estimating calories burned. Some people use Fitbit’s app to record what they eat and how much water they drink. Women can track their periods.

Fitbit has 28 million active users worldwide and has sold more than 100 million devices.

UAW leaders send Ford contract to vote

Union workers at Ford will start voting Monday on a proposed contract that includes wage increases and more than $6 billion for investments at 19 plants.

The United Auto Workers said its National UAW-Ford council voted Friday to send the deal to 55,000 workers for a ratification vote.

The workers would get alternating lump-sum payments and wage increases, according to a summary posted by the union. Workers would see no reduction in health care benefits and won’t pay more for their coverage. They would get ratification bonuses of $9,000 — less than the $11,000 bonuses that workers at General Motors won last month.

Barneys being sold piece by piece

Barneys New York, which once reigned in the world of high fashion, is now being sold piece by piece.

The iconic department store retailer, founded in 1923, was officially sold on Friday to fashion licensing company Authentic Brands Group and financial firm B. Riley for $271.4 million.

The sale follows approval by a bankruptcy court judge on Thursday. The judge left room for another bidder to come forward but that never materialized.

B. Riley said it will be holding liquidation sales through its Great American Group subsidiary at Barney’s remaining seven U.S. stores, starting with private sales events for its most loyal customers next week. Those are its five regular-price stores, including its flagship Madison Avenue store in Manhattan, and two warehouse store locations.

Join the Conversation

We invite you to use our commenting platform to engage in insightful conversations about issues in our community. Although we do not pre-screen comments, we reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable to us, and to disclose any information necessary to satisfy the law, regulation, or government request. We might permanently block any user who abuses these conditions.

If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. Or, contact our editors by emailing moderator@scng.com.